Petro-Canada to Buy Oil & Gas Unit
From BP, Veba in Major Expansion

By

Tamsin Carlisle Staff Reporter of The Wall Street Journal

Updated Jan. 30, 2002 12:01 a.m. ET

CALGARY, Alberta -- Petro-Canada said it agreed to buy the international oil and gas operations of Veba Oil & Gas Gmbh from Veba Oel AG and its parent BP PLC for 3.2 billion Canadian dollars (US$2 billion).

The acquisition of Veba's production and exploration interests, concentrated in the North Sea, North Africa and northern Latin America, marks a major expansion for Petro-Canada, already one of Canada's biggest oil-and-gas...